4. Net financial income (expenses)

In 2015 net financial expenses amount to €10.5 million (net financial expenses of €42 million in 2014).

Details are as follows:

€ million 2015   2014   Change
Interest income and other financial income          
Interest income on:          
 - bank current accounts and deposits 7.2   16.3   (9.1)
 - bonds 8.1   12.2   (4.1)
Income (expenses) and fair value adjustments to financial assets held for trading 10.2   8.1   2.1
Other financial income 0.6   0.1   0.5
Interest income and other financial income, net 26.1   36.7   (10.6)
           
Interest expenses and other financial expenses          
Interest expenses and other expenses on EXOR bonds (67.8)   (63.3)   (4.5)
Non-recurring expenses for the cancellation of EXOR 2007-2017 bonds (a) 0.0   (32.5) (d) 32.5
Interest expenses and other expenses on bank borrowings (10.9) (a) (3.0)   (7.9)
Interest expenses and other financial expenses (78.7)   (98.8)   20.1
Net exchange gains (losses) 2.7   1.4   1.3
           
Financial income (expenses) generated by the financial position (49.9)   (60.7)   10.8
Income on other investments and sundry financial income (b) 39.4 (c) 18.7 (c) 20.7
Financial income (expenses) recorded in the income statement (10.5)   (42.0)   31.5
(a) Includes mainly expenses relating to the credit line secured for the acquisition of PartnerRe of €8.6 million, as well as the credit risk adjustment component recorded in the income statement relating to the measurement of the cross currency swap under IFRS 13, which is a negative €0.8 million, in line with 2014. (b) Included in non-current other financial assets. (c) Includes mainly the net gain realized on the redemption of The Black Ant Value Fund of €6.1 million (€4.8 million in 2014) and the net loss on the redemption of the Perella Weinberg Funds of €1.4 million (gain of €13 million in 2014), in addition to the reclassification of the fair value of €28.9 million arising from the revaluation of the 4.72% interest in The Economist Group, classified in the income statement following the change in the method of measurement, consistently with the provisions of IAS 39. (d) Due to the difference between the average per unit purchase price (€113.01) and the nominal amount (€100) on the notional €250 million cancelled.

 

Commercial Register No.64236277 Legal notes | Credits